This undertaking has not been without pain.  As we have said previously, when rebuilding, one must invest the time and capital before reaping results. To that end, we have taken charges, in this and prior quarters, for write downs of goodwill, deferred tax assets, and so forth.  These charges were necessary elements of the cleansing required for long term growth.”

Mr. Hughes continued, “Today, Gleacher & Company is staffed by professionals sharing a common vision, and we continue to recruit actively.  We have assembled a deeply experienced management team tasked with orchestrating change and building best in class businesses.  While we are making progress against the roadmap we designed a year ago, we have a great deal of work left to do, and a number of challenges to overcome; our efforts remain a work in progress, and our results will continue to be impacted by the natural cost of change and early stage business building efforts.  We believe our strategic plan is well suited for the current market environment, and our team can deliver against that plan, creating value for all of our stakeholders.”

Three Months Ended

Six Months Ended
June   March   June June   June
(In thousands, except for per share amounts) 2012 2012 2011 2012 2011
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Net revenues $ 44,647 $ 64,743 $ 56,379 $ 109,390 $ 145,768
Pre-tax (loss)/income from continuing operations (31,751 ) (5,282 ) 2,416 (37,033 ) 17,144
Net (loss)/income from continuing operations (60,809 ) (4,716 ) 1,252 (65,525 ) 9,851
Discontinued operations, net of taxes (23 ) 32 (11,672 ) 9 (13,066 )
Non-GAAP pre-tax (loss)/income from continuing operations* (10,655 ) (3,632 ) 4,101 (14,287 ) 16,499
Non-GAAP net (loss)/income from continuing operations* (7,639 ) (3,769 ) 2,219 (11,408 ) 8,488
Earnings per share:
Diluted - continuing operations $ (0.51 ) $ (0.04 ) $ 0.01 $ (0.55 ) $ 0.08
Diluted - continuing operations (Non-GAAP)* (0.06 ) (0.03 ) 0.02 (0.10 ) 0.06

*Designates non-GAAP financial results. A reconciliation of the Company’s GAAP results to non-GAAP financial results is set forth below under the caption “Non-GAAP Financial Results.”

The Company has included in this press release “non-GAAP financial results.” A non-GAAP financial result is a numerical measure of financial position or results of operations that includes amounts that are excluded, or excludes amounts that are included, in the most directly comparable result calculated and presented in accordance with generally accepted accounting principles (“GAAP”). In the financial data included in this press release, the items for which the Company adjusted its GAAP results consist of the following:

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